3d-printed electronics additively manufactured … · 2020. 10. 20. · customer case iii: hensoldt...

1NASDAQ : NNDM

Corporate Presentation I Nasdaq: NNDM

ADDITIVELY MANUFACTURED ELECTRONICS (AME)

I n t e l l i g e n t M a c h i n e s , C o n s u m a b l e C o n d u c t i v e & D i e l e c t r i c I n k M a t e r i a l s

3D-PRINTED ELECTRONICS

Nasdaq: NNDM I www.nano-di.com | © 2020 Nano Dimension. All rights reserved. 2

P R I N T E D E L E C T R O N I C S ( P E ) / A D D I T I V E LY M A N U FA C T U R E D E L E C T R O N I C S ( A M E )

This presentation of Nano Dimension Ltd. (the “Company”) contains “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” andsimilar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discuss the potential of its products, strategic growth plan, its business plan and investment plans, the size of itsaddressable market, market growth, and expected recurring revenue growth. Forward-looking statements are not historical facts, and are basedupon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations,beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projectionswill be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressedin the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to theCompany’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailedin the Company’s annual report for the year ended December 31, 2019, filed with the SEC. Forward-looking statements speak only as of the datethe statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent eventsor circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required byapplicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that theCompany will make additional updates with respect thereto or with respect to other forward-looking statements.

Forward Looking Statements

https://www.nano-di.com/


• Executive Summary

• Business Model

• Technology

• Market

• Business in times of Corona

• Strategy & Tactics

• Appendix

TA B L E O F C O N T E N T S



• Additive Manufacturing Electronics (AME)

Industry Leader

• Patent Protected and Proven Technology

• First-to-Market Advantage

• The only technology that converts digitally

electronics circuits and functional device

• Approx. 60 Systems sold Worldwide

• Increasing Recurring Revenue of Proprietary

Conductive and Dielectric Materials (3D-printing

inks)

• Strong Cash-Position ($45.7M Sept. 2020)*

N A N O D I M E N S I O N

Including short and long-term bank deposits, not including $16.9M recent offering



TRADITIONAL INTEGRATED CIRCUITS

(IC, Chips, CPU, ASICs)

TRADITIONAL PRINTED CIRCUIT BOARDS (PCB)

DragonFly LDM & Ink MaterialsDesign → Proof of Concepts →Prototype & Early Fabrication of HiPEDs™(High Performance Electronic Devices)

AME TECHNOLOGY

VISION: BRIDGING THE GAP



Our DragonFly™ AME Machines (controlled by

AI algorithms) produce electronic devices by

simultaneous 3D-injection of dielectric and

conductive materials to fabricate, within hours:

High Performance Electronic Devices:

HiPEDs™

We develop and produce proprietary consumables chemical

inks in our AME machines. All are mission critical and

economical for our customers.

Sensors, Antennas, Capacitators, Convertors for unique geometries and complex devices

O U R M I S S I O N



Nano Dimension Customers:

• 3 Multi-Billion US$

defense manufacturers

• 2 European defense

companies and multiple

secret services

• 1 Multi-Billion US$ valued

technology conglomerate

• Multiple leading research

institutions around the

world

N A N O D I M E N S I O N : A P P R O X . 6 0 S Y S T E M S G L O B A L LY



Stage 0 Stage I Stage II Stage III Stage VI Stage V

○ Stage I Materials

Commercial-Specs

○ Stage II Materials

Industrial-Specs

○ Stage III Materials

Mil-Specs

○ Stage IV LPV: Low Production

Volume System

○ Stage V MPV: Medium

Production Volume System

today 2022 2023

Upside like BioTech, but, contrary to BioTech Downside in case of failure at any stage is protected

as a sale of the existing business at improving multiples (as per stages I-V below, is a valid and doable

financial exit through a sale to strategic buyers)

NNDM Today• Approx. 60 Systems Sold• Proven Technology• Razor & Blade• Over 30 Patent Applications

2021

PIK

MARK II

LPV

MPV

MARK III

FA I L S A F E “ B I O T E C H - L I K E ” I N V E S T M E N T M O D E L



A L L O F T H I S …

…REPLACED W I TH TH I S !

D R A G O N F LY L D M : A D I G I TA L FA C TO RY I N A B O X



N A N O D I M E N S I O N ’ S 3 D FA B R I C AT I O N S E R V I C E S : N a N o S

• Nano Services (NaNoS) is an

offering for customers who

need to get their hands-on

complex, multilayered high-

performance electronics with

a quick turnaround time.

• Provide services to

customers around the globe

with its fabrication labs in the

US, Israel and Hong Kong.

• Guaranteed quick turnaround

for complex HiPEDs.



T H E O B J E C T I S B U I L T U P , L A Y E R B Y

L A Y E R , T H R O U G H F U L L S T A C K

T H I C K N E S S :

○ Conductive layers & Dielectric layers

○ Drills and vias bottom up printed

○ Soldermask & Annotation

H O W D O E S I T W O R K ?

T W O P R I N T H E A D S I N K J E T B O T H

M A T E R I A L S S I M U L T A N E O U S L Y :

○ Both conductor & insulator substrate are printed

○ Both materials are activated in real – time on-the-fly

○ 100% fully additive process!

Just one manufacturing

step: No need for etching,

pressing, electroplating!

110



C E RT I F I C AT I O N S

In-house DragonFly system

manufacturing

FCC, CE, UL, CSA, EAC

In-house nano ink manufacturing

–

capacity to meet future demand

Top quality certified

ISO14001 and OHSAS18001

ISO 45001 and RoHS



W H Y A D D I T I V E M A N U FA C T U R I N G F O R E L E C T R O N I C S ?

R A P I D P R O T O T Y P I N GA D V A N C E D P R O D U C T S :

H i P E D F A B R I C A T I O ND I G I T A L I N V E N T O R Y

T O M O R R O W

Benefits: Shorten your Time-to-

Market, reduce cost and increase

innovation with agile prototyping

and fast feedback cycles

○ Reduce development time

○ Reduce prototyping and R&D

cost

○ Inhouse, print designs over night

○ Full confidentiality / IP protection

○ Test many designs for more

functions

○ Reduce cost of error

Benefits: Produce better, lighter,

cost-effective products by

eliminating assemblies and

improving the performance in 3D

forms

○ Produce complex 3D circuits

and optimize form factor (SiP,

Heterogeneous Integration)

○ Reduce assembly steps by

printing components

○ Reduce size and weight of

products

○ Improve products performance

Benefits: The future will allow

business models based on part

licensing. Eliminate the need of

sending physical parts

○ On site per demand production

of spare parts

○ No tooling cost

○ Eliminate stock and free up

working capital

○ Changing the paradigm of

electronics production

○ Reduce environmental waste

T O D AY



Reduce time to market

and optimize design for

medical devices,

biomedical sensors and

in-vivo applications.

AME optimizes

electromechanical parts

for: Smart Products,

IoT, Sensors,

Autonomous Driving,

Electric Vehicles, 5G

Networks.

Keep your IP in your lab

with the DragonFly LDM

System and save time

by eliminating the need

for involving external

parties.

The DragonFly LDM

System enables you to

produce cutting edge

electronics in your lab.

AME Technology

enables you to reduce

weight and to

miniaturize electro-

mechanical

components like never

before.

R E S E A R C H A E R O S P A C E D E F E N S E M E D I C A L

A U T O M O T I V E &

I N D U S T R I A L

O U R C U S T O M E R S A R E I N N O VAT O R S I N L E A D I N G M A R K E T S



NANO DIMENSION: CASE STUDIES

I. Research Institutes: CBN-IIT

II. Aerospace: HARRIS

III. Defense: HENSOLDT

IV. Medical: PIEZOSKIN

V. Automotive: REHAU



The suitability of the DragonFly

system to rapidly and affordably

manufacture functional prototypes,

combined with the broad ecosystem

of applications for health and energy

harvesting, makes it an ideal choice

for our team to achieve higher

performance, quick development

and print complex shapes not

achievable using traditional

manufacturing processes.

Prof. Massimo De Vittorio

CBN-IIT — Lecce — Italy

C U S TO M E R C A S E I : C B N - I I T



The ability to manu-

facture RF systems in-

house offers an exciting new

means for rapid and

affordable prototyping and

volume manufacturing. The

results of the study provide

substantial motivation to

develop this technology

further.

Dr. Arthur Paolella,

Senior Scientist, Space

and Intelligence Systems,

Harris Corporation

C U S TO M E R C A S E I I : H A R R I S



HENSOLDT and Nano

Dimension Achieve

Breakthrough in

Electronics 3D Printing

HENSOLDT succeeded in

assembling the worlds first

3D printed 10-layer printed

circuit board (PCB) which

carries high-performance

electronic structures

soldered to both outer sides.

This allows rapid

prototyping inhouse of

complex PCB.

C U S TO M E R C A S E I I I : H E N S O L D T

Military sensor solutions

require performance and

reliability levels far above

those of commercial

components. To have

high-density components

quickly available with

reduced effort by means

of 3D printing gives us a

competitive edge in the

development process of

such high-end electronic

systems.

Thomas Müller,

CEO of HENSOLDT”



C U S TO M E R C A S E I V: P I E Z O S K I N

Nano Dimension’s AME

technology helped us to

achieve an original product

prototype, in which wires

and connectors were

eliminated and the package

was minimized, to obtain an

optimal user experience.

It simplified the

manufacturing process, as

compared to traditional

manufacturing methods.

Dr. Francesco Guido,

CTO Piezoskin S.R.L



C U S TO M E R C A S E V: R E H A U

With the DragonFly LDM

we will drive forward

REHAU’s “Electronics into

Polymers” strategy to

speed up in-house

electronics development

and find new installation

spaces and functions for

our products.

Dr. Philipp Luchscheider,

REHAU Engineer behind

the 3D touch sensor

design

Smartification is no longer

just a vision for us.

REHAU is developing

improved products for the

smart home and IoT

environment, and Nano

Dimension is providing

important technology to

help accelerate the

availability of promising

new applications.

Dr. Ansgar Niehoff,

Head of Technology

Platform “Electronics

into Polymers”

at REHAU



P R I N T E D C A P A C I T O R S

○ High Accuracy Capacitors

Integrated in the board

○ 50 layers

R A P I D P R O T O T Y P I N G

I N H O U S E

○ Months > days

○ 10 layers, both sides populated

○ Hensoldt (former Airbus / EADS)

R F A M P L I F I E R F O R S P A C E

○ Light weight

○ Integrated design

○ < 1db gain difference

I N N O V A T I V E M E M S

P A C K A G I N G

○ Embed piezoelectric

transducers

○ Compact, lightweight and

robust package

D R A G O N F LY L D M“Lights Out” Digital Manufacturing

N E W M A N U FA C T U R I N G P O S S I B I L I T I E S W I T H T H E D R A G O N F LY L D M

High Performance Electronic Devices:

HiPEDs


NASDAQ: NNDM I www.nano-di.com | © 2020 Nano Dimension. All rights reserved. 22

H i P E D s

H I G H

P E R F O R M A N C E

E L E C T R O N I C

D E V I C E S

LOW PASS ILTER D MIDCOILS I D CTORS R A TE AS

AME CIRC IT WITH SIDE MO TED A D

I SERTED COMPO E TS

AME CIRC IT WITH I TE RATED

CTIO AL CAPACITORS

ERTICALL STAC ED I TE RATED CIRC ITS

IOT WI I ACCESS POI T

C O M P L E X

M U L T I L A Y E R

P C B

( 5 0 L A Y E R S )

AME Circuit with

Capacitors

IOT Access

Point

AME with Side

Mounted

Components

Vertically Stacked

Integrated Circuits

RF Antenna3D MIDCoils & InductorsLow Pass Filter

➢ Fast prototyping, hours vs weeks

➢ Tens of layersin a 3mm board

➢ Printed embedded components

➢ Expand 3D scales

➢ Filled Vias: No need for drilling

P R O D U C E C O M P L E X P C B A N D H I P E D S



3D Printed Electronics Components (Capacitor, Inductor, Transformer,

Antenna)

Non Planar Shape and 3D Structural Elements (Cavities, Special Shapes)

RF&MW Embedded ComponentsConverter and Chargers

(DC, AC)

High Layer Count Circuits > 50

Multi Stacking ICs, Packages, Side Mount & Contacts,

Free Form of Vias

Electronics integration (MEMS, Sensors, Transistors, ICs, Opto, Piezo,

Chem-Electro, Magnetics, Motion)

Real 3D Embedded Electronics for Heterogenous Integration

AME HiPED

beyond traditional manufacturing

A D D I T I V E M A N U FA C T U R I N G O F 3 D E L E C T R O N I C S



NASDAQ

NNDM

ADS ratio: 1:1

Shares Outstanding:

~*54.5M

*As of October 20th , 2020

$80M invested mostly in R&D, over 5 years

As of September 30th, 2020:

Cash: $45.7M*

*Including short and long-term bank deposits, not

including $16.9M recent offering

• Revenue growth of ~39% in 2019 compared to previous year

• Significant trend of Gross Margin improvements

0

2000000

4000000

6000000

8000000

2017 2018 2019

$800,000

$5,100,000 $7,070,000

YEAR-OVER-YEAR GROWTH

N A N O D I M E N S I O N : F I N A N C I A L D ATA



Razor-Razorblade Model:

• As the installed base of systems

grows, the recurring revenues

from consumables increases.

• Positive trend of increased ink

consumption by customers is a

validation to our recurring-

revenue business model.

• Printed Electronics (“PE” or

“AME”) and Consumable

Materials:

Recurring & High GM Revenue

2018/1Q 2018/2Q 2018/3Q 2018/4Q 2019/1Q 2019/2Q 2019/3Q 2019/4Q 2020/1Q

CONSUMABLE REVENUE GROWTH

B U S I N E S S M O D E L : R E C U R R I N G R E V E N U E M O D E L T H AT S C A L E S



N A N O D I M E N S I O N ’ S 3 D FA B R I C AT I O N S E R V I C E S : N a N o S

• Nano Services (NaNoS) is an

offering for customers who

need to get their hands-on

complex, multilayered high-

performance electronics with

a quick turnaround time.

• Provide services to

customers around the globe

with its fabrication labs in the

US, Israel and Hong Kong.

• Guaranteed quick turnaround

for complex HiPEDs.



Industrial

Early

Product

2018-2019

DragonFly™ Pro

Early Adopters:

Fast Prototyping &

LowVolume

Production

Q2 2019

First Prototype

2013-17

DragonFly™ LDM

DragonFly

Materials &

Process

Functional Unique

Electronics

“The Secret Sauce”

Competitive Edge & Barriers to Entry

The Hardware is an Enabling

Platform

• 24/7 Print in a Compact System

• Integrated AI Software

N A N O D I M E N S I O N E V O L U T I O N



W H Y A D D I T I V E M A N U FA C T U R I N G F O R E L E C T R O N I C S

I N C R E A S Edesign possibilities

P R O T E C T

IP

A C C E L E R A T Etime to market

I M P R O V Eefficiency



0

500

1000

1500

2000

2500

3000

3500

4000

4500

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

3D PRINTED ELECTRONICS MARKET

IDTECHEX 2019 DataM Intelligence, 2018

Transparency Research 2018

IDTechEX (2019)

• The total market for 3D printed electronics will be worth $2.3bn by

2029 and will be dominated by the professional PCB prototyping

market segment. The educational and industrial production market

segments will continue to grow steadily.

• The market for professional PCB prototyping is currently growing

very rapidly, almost entirely due to market leader Nano Dimension,

and has already overtaken the consumer and education. This

growth will slow but this market segment will become the

largest by 2020.

DataM Intelligence (2018)

• Analysts predict 3D printed electronics will be the next high-growth

application for product innovation: 2017 3D printed electronics

market size is estimated at $176 million, expected to reach $592

million in 2021 and up to $2.4 billion by 2025

Transparency Market Research (2018)

• The global 3D printed electronics market was valued at US$

137.1Mn in 2017 and is expected to expand at a CAGR of 44.46%

from 2018 to 2026, reaching US$ 3,915.0 Mn by the end of the

forecast period.

$M

A M E 3 D P R I N T E D E L E C T R O N I C S M A R K E T



Emerging Technologies

• Communication 5G/RF

• Heterogeneous Integrations

• Aerospace (i.e. micro-satelites)

• Defense

• Medical (i.e. in-vivo devices)

• Automotive Revolution

(electrical, autonomous)

HiPEDs Necessitate

• Fast time-to-market

• IP safety → in-house rapid prototyping and production

• Interactive development

• Device performance gains

• Control of fabrication facilities → Defense & Homeland Security

HiPEDs (High-Mix-Low-Volume) are produced at high

quantitates that are constructed from high mix of

designs and low volume per variety. This necessitates

prototyping and low cost of production for low

volumes.

N A N O D I M E N S I O N : R E V E N U E D R I V E R S



• Yoav Stern – President & CEO (Joined 01/2020) – Investor and Chairman Cyber, Fintech and Mobile/Visual Tech (USA). President & CEO DVTEL Inc.(Sold to FLIR Systems) (NJ, London, Tel Aviv, New Delhi, Adelaide, Singapore, Hong Kong, Taiwan). A turn-around executive in the Homeland SecurityIndustry. Co-Chairman Bogen Corporation (New Jersey, Memphis, Florida, Germany), one of its main investors and a member of its ExecutiveCommittee, Audit Committee and Compensation Committee. Managing Partner Helix Capital LLC, (San Francisco, New York), private M&A and Turn-Around Advisory Firm. Executive Chairman of the Board Kellstrom Industries Inc. (Florida), A $300M aerospace corporation. President of WordStarInternational, Inc. (San Francisco), a $50M publicly traded software company. Mr. Stern led the company’s turnaround process and structured thebusiness combination of WordStar with two other public companies, similar sizes. He was VP M&A & Business Development Elron Electronic (Nasdaq:ELRNF) a multinational industrial investment holding company with annual revenues in excess of $1.5 billion. Elron invested in companies active inthe fields of Advanced defense electronics; Data communications; Internet-software products; Semiconductors equipment; Telecommunications. Mr.Stern is a Graduate of NYU, B.Sc. Degree, Magna Cum Laude in Mathematics and Computer Science, Engineering Diploma in Mechanics &Automation Magna Cum Laude. Graduate of the Air Force Academy. Air Force Service: Lt. Colonel (Ret.), Fighter Pilot, D. Squadron Commander, F-15.

• Ziki Peled – COO, CRO (Joined 05/2020) – Seasoned turn around executive from FLIR Systems, Inc. (Nasdaq: FLIR), which develops, manufactures,markets, and distributes thermal imaging systems, visible-light imaging systems, locator systems, measurement and diagnostic systems, andadvanced threat detection systems. With annual turnover of $1.8 billion & a market cap of $7 billion. He was the CEO of Apollo Network ServicesLtd. where he managed large projects in the field of Defense, Energy and Transportation for Finmeccanica, Multi-billion-euros Corporation, and oneof the largest European organizations of its kind. Prior, CEO of as in Flash Networks Ltd. he led development and commercialization of NettGain™Mobile Data Access Gateway. Peled was the CEO of Bogen Communication Int’l, NJ, USA in Ramsey, New Jersey, and Munich, Germany, whichdevelops, manufactures, and markets telecommunication peripherals, sound processing equipment. Earlier, he was GM of Elbit Computers Ltd.Telecommunication Division, comprising various activities including CTV plant, Data Communication activity through the daughter companyFibronics and Telephony over Cable TV project in China. Earlier in Elbit he has led the merger of the R&D division and the Production division withover 1,000 people with a development budget of $30 million and production of over $100 million/year.

N A N O D I M E N S I O N – N E W C O R P O R AT E A N D U S M A N A G E M E N T



• Dr. Jaim Nulman – EVP Products & CTO (Joined 2018) – VP of Applied Materials, where he commercialized the Endura PVD system, the mostsuccessful semiconductor manufacturing product reaching market share from 0 to over 60% and a $1B in revenue in less than 5 years, with one of thehighest gross margins in the company. While at Applied he also represented the company on the board of directors of some of the companies inwhich Applied invested as well as developed product commercialization methods that reduce the cost and time to market. Dr. Nulman served asresearch associate at the Submicron center at Cornell University where he pioneered rapid thermal processes for the semiconductor industry. Hewas an invited Lecturer at NATO Advanced Studies Institute and the University of Berkeley Extension. Dr. Nulman has published over 100publications, and over 50 patents. He is an MSc and PhD from Cornell University all in electrical engineering, and an Executive MBA from StanfordUniversity.

• Dr. Joseph Kaplun VP R&D & CTO Materials (Joined 10/2020) - Dr. Kaplun has spent 25 years with the IAI as the CTO, co-founder and Acting GeneralManager of Gal-El, unique GaAs, GaN, InP and MEMS devices and MMICs FAB. It is a partnership between the ELTA/IAI and the Weapon DevelopmentAuthority (RAFAEL) in Israel. In the Technology Development Center of The Silicon FAB in USSR, Dr. Kaplun was the Head of Ion ProcessesDepartment. Dr. Kaplun earned his Ph.D. from NPO “Center of Sciences” in Moscow and B.Sc. & M.Sc. in Material Science in Microelectronics fromthe Moscow Institute of Electronic Technique, Zelenograd, Material Science Department. His publications include books about High VacuumTechnology, and Statistical Process Control as well as articles on BCB etching Process using High Density Plasma, Critical dimension improvement ofplasma enhanced chemical vapor deposition silicon nitride thin films in GaAs devices, High Power Ka – Band PIN Diode Technology, Investigation ofContact Metal Stacks for Submicron GaN HEMT, Origin and elimination method of parasitic gate leakage current for AlGaN/GaN hetero-structure fieldeffect transistor, Re-configurable MMIC: on-wafer fine tuning capabilities and Stepper-based integrated process on wafer pieces.

N A N O D I M E N S I O N – N E W C O R P O R AT E A N D U S M A N A G E M E N T



All present customers were out-of-office until July 2020. Some until now. (Mostly USA)

• Chinese companies returned on 5/2020 butstill delaying all purchases of Capital Equipment.

• European business in June-July but delayed most CapExdeployments.

• USA corporations projected June as “back-to-business” butchanged to July, and then changed to “maybe later or early 2021”

• Most customers (especially in USA) are in discussions, butno suppliers’ visits for maintenance until further notice. Hence: No installations are possible.

• And: Many DragonFly labs were shut down until Corona subsides, with no confirmed date.

C O R O N A I S A F F E C T I N G B U S I N E S S E S I N 2 0 2 0 W O R K I N G A S S U M P T I O N : A T L E A S T U N T I L Q 3 / 2 0 2 1

T H E R E I S A N E L E P H A N T I N T H E R O O M



• Started a Prototyping/Fabrication Services Business:

NaNoS (Nano Services)

• Expand NaNoS as revenue generator, but mainly as

a route for DragonFly purchases once CapEx are released post Corona

• M&A search directed at targets that will enable to leverage NaNoS

• INVEST HEAVILY to accelerate and preempt seeds of competition: Product &

technology leapfrog toward production machines (DragonFly MARK &

DragonFly NG)

• Minimal investments in sales & marketing (other then NaNoS) until COVID-19 is

over!!!

• There is no reason to drill in a dry field. The rich grounds is expected to reopen

in 2-4 quarters.

• CONSERVE CASH>> ACCELRATE TECHNOLOGICAL EDGE to create “Industry

4.0” Tectonic Shift.

P L A N F O R 2 0 2 1 : R I D I N G T H E E L E P H A N T

P R E S E N T I N V E S TM E N T TH E S I S I S N E W



For all HiPED printed by DragonFly 3D Electronic 3D-Printing Machines:

Stage I DragonFly PIK – (Performance Improvement Kit)

Stage II DragonFly MARK (Manufacturing And Reliability Kit) with new materials that reach

specifications of “Industrial” standard (environmental tolerance: temp,vibrations etc.).

Repeatability and reliability of printing process – at “industrial level”

Stage III Next-Gen Machine (“NG”) with new materials which fit mil-specs: Multiple Inks;

Support Material

Stage IV New Machine, production-runs capability and throughput for such

Stage V Large Chuck, highest throughput and lose-loop real-time quality inspection and

assurance modular-configurable machine

P R E S E N T I N V E S TM E N T TH E S I S I S N E W

P L A N F O R 2 0 2 1 - 2 2 : R I D I N G T H E E L E P H A N T

“ ail-safe-BioTech Investment Model” – Stages I>>II>>III>>IV>>V



P R O D U C T & R O A D M A P

T O D A Y

○ 24/7 production system

○ Compatible with Gerber and STL files

○ Real multi-layer additive manufacturing

system for electronics

2 0 2 2

PrototypingP R O T O T Y P I N G

M A T E R I A L S

D E V E L O P M E N T

( I N K S )

E V O L U T I O N :

D R A G O N F L Y

L D M S Y S T E M

(Lights-Out Digital

Manufacturing)

C O M M E R C I A L I N D U S T R I A L M I L - S P E C S

DragonFly to support

Military Standards for Low

Volume Production in the

future



Prototypes are often

created by sending

digital designs

(typically from the

US or Europe to

China) and waiting

7 to 21 days to

receive a PCB back.

This is slow, costly

and puts core

intellectual property

at risk.

Designs

PCBs

T R A D I T I O N A L P C B s : P R O TO T Y P I N G



P O S T C O R O N A W O R L D : M O V I N G S U P P LY C H A I N ‘ I N H O U S E ’

“Even as China comes back online, we are beginning

to wonder if Covid-19 will impact other supply-oriented

geographies…

…While China is improving, the supply chain for the

electronics industry may yet see substantial

disruptions….

…Mass assembly is only one part of Apple’s supply

chain. The company and its many partners spend

months years sourcing individual components that are

orassembled into final products. Any disruptions in

this complex network could slow the introduction of

future devices.” (Bloomberg)1

Sources:

1) Gurman, Mark, and Debbu Wu. “Https://Www.bloomberg.com/Amp/News/Articles/2020-03-19/Apple-s-Supply-Chain-Woes-Linger-Even-as-China-Recovers .” Bloomberg.com, Bloomberg, 19 Mar. 2020, www.bloomberg.com/amp/news/articles/2020-03-19/apple-s-supply-chain-woes-linger-even-as-china-recovers



• "The global supply chain right now is disrupted; we are seeing disruptions across the board... the high-tech industry is heavily

reliant on China and parts of Asia." (Bloomberg)²

• “ ...heat from the Trump administration’s 25% tariffs on many machinery parts from China, as well as rising political tide in America

to bring industrial production of things such as electronic circuit boards closer to home…. Now with the coronavirus, he said,

“there will be changes.” (LA Times)3

• A recent BofA survey…wide…remapping of supply chains. 3,000 firms…in 10 out of 12 global industries, including

semiconductors, autos and medical equipment…shift, at least part of their supply chains from current locations….

• Masterwork contracts with about 100 factories in China. Before the virus outbreak, the company could place an order and have it

confirmed in two to four days. Last month…it was taking two to three weeks — couldn’t say when the products would be

shipped.

• “…industries will probably accelerate moves to localize supply chains, so they’re more closely tied to final markets as opposed

to extending them farther out.”(LA Times)3


Sources:

2) Chang, Emily. “Supply Chain Expert on Coronavirus Impact.” Bloomberg, 17 Mar. 2020, www.bloomberg.com/news/videos/2020-03-17/supply-chain-expert-on-coronavirus-impact-video . Accessed 25 Mar. 2020.

3) Lee, Don. “As Coronavirus Cripples Global Supply Lines, More U.S. Firms Looking to Leave China.” Los Angeles Times,

Los Angeles Times, 4 Mar. 2020, www.latimes.com/politics/story/2020-03-04/spreading-coronavirus-tears-apart-global-supply-chains.


http://www.bloomberg.com/news/videos/2020-03-17/supply-chain-expert-on-coronavirus-impact-video

http://www.latimes.com/politics/story/2020-03-04/spreading-coronavirus-tears-apart-global-supply-chains


OCTOBER 12th, 2020: The American Dream: Bringing Factories Back to the U.S.(1)

A report from the McKinsey Global Institute found “180 products across value chains for which one country accounts for 70% or

more of exports, creating the potential for bottlenecks.” Worse, many of those products come from an increasingly hostile China, a

circumstance with profound national-security implications for the U.S. and other democracies.

• Investors stand to benefit if reshoring means a longer-term revival in innovation and flexibility in production. And higher

operating costs could be offset by higher revenues, whether that’s through higher wages leading to greater consumer demand,

government support, or some combination.

• Both presidential candidates want to bring manufacturing back, but their strategies differ. Democrat Joe Biden has unveiled a

plan to boost federal spending on U.S.-made goods, support research and development, change the tax code to discourage

offshoring, and close loopholes in rules that already require Uncle Sam to “Buy American.”

• While Silicon Valley is now known for software, it originally prospered as a manufacturing center that supported fundamental

scientific research in physics, electronics, and materials science. Many of the world’s leading electronics hardware companies

are still headquartered in Silicon Valley, but most don’t manufacture anything there.

• Bringing manufacturing back to America isn’t impossible by any means—especially in capital-intensive sectors such as

electronics ….It may even benefit investors…

• “What’s missing is the capability to pivot” to sudden changes in demand.”(2)


Sources:

1) Matthew C. Klein, Barrons, Updated October 12, 2020 / Original October 9, 2020, https://www.barrons.com/articles/the-american-dream-reshoring-manufacturing-51602270001

2) Erica Fuchs, professor of engineering and public policy at Carnegie Mellon, https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/Erica%20Fuchs%20Testimony.pdf


https://www.barrons.com/articles/the-american-dream-reshoring-manufacturing-51602270001

https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/Erica%20Fuchs%20Testimony.pdf


N A N O D I M E N S I O N : L E A D I N G T H E A M E R E V O L U T I O N

Market Growth – Additive Manufacturing

This chart provides revenues (in millions of dollars) for AM products and services

worldwide. The lower (blue) segment of the bars represents products, while the

upper (gray) segment represents services. Neither category includes secondary

parts or processes, such as molded parts and castings.

Source: Wohlers Associates

Additive Manufacturing (Metal & Polymers)

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

18 20 22 24 26 28 30 32 34 36

Additive Manufacturing of Electronics (AME)

Market Growth – Additive Manufacturing of Electronics

This chart provides revenues (in millions of dollars) for AME (Additive Manufacturing

Electronics) products and services worldwide. The projection is derived form various

market studies projection is based on a CAGR of 24%

24% CAGR24% CAGR



New Investment Thesis: Accelerate Product development through I,II,III,IV,V stages.

Growth company with significant technology and first mover advantage.

Expected to reach inflection point upon conversion from prototyping to short production runs.

Blue-chip customer base worldwide.

New NaNoS = Prototyping Services Business Model (Fabrication labs on three continents).

Approx. 60 Systems sold, and Increasing recurring revenue of proprietary inks

• Shortening prototyping time while creating multi-layer Hi-PEDs in house.

• R&D of unique device solutions, miniaturized, lower weight which can be fabricated in High Mix/Low Volume

almost only by 3D-printing.

Strong cash-position, enough to advance the business plan towards commercial success, at minimal risk.

K E Y H I G H L I G H T S :


43NASDAQ : NNDM

Appendix

Additive Manufacturing for Electronics


Before the 1950s, electronic circuits were assembled using

individual wires to connect each of the components (Pic 1).

The components were then mounted on what were known as tag strips

and sockets. The first circuit boards were made by laminating an

insulating material around 1.6mm thick with copper foil. Holes

were drilled for the components and the component leads were

soldered onto the copper foil, using the copper to create an electrical

connection between the components.

Dr. Paul Eisler, an Austrian scientist working in England, is credited with

inventing the first single-sided PCB. Based on Eisler's early work,

single-sided boards were commercialized during the 1950s and 1960s,

primarily in the UnitedStates.

Pre-PCB electronic circuit with rat's nest wiring.

Early PCB

T R A D I T I O N A L P C B s : H I S T O R Y



The vast majority of electronic circuits are now made using Printed Circuit Boards (PCBs). These are copper-clad

fiberglass or epoxy boards that have the copper selectively etched away to leave conductive traces. Components

can be mounted through drilled holes (left) or on the surfaces of the boards (right).

Through-Hole Electronics Surface Mount Electronics

T R A D I T I O N A L P C B s : M O U N T I N G C O M P O N E N T S



Around 90% of all PCBs are

manufactured in the APAC region.

China are the largest producer with

around 43% market share followed by

Japan and South Korea with 15% and

13%, respectively.

Intellectual Property (IP) is cited

as a major cause for concern.

Hardware design companies regard

their PCB designs as core IP and

some are reluctant to send them to

Asia for prototyping.

• China• Vietnam• South

Korea• Taiwan

1% 1%1%

2%

2%

5%

13%

13%

15%

43%

Singapore

Philippines

Vietnam

Germany

Thailand

USA

Taiwan

South Korea

China

Japan

T R A D I T I O N A L P C B s : G E O G R A P H Y



Double PCB Layer

Multilayer PCB

• Single-sided PCBs are very limiting in terms of

connection topology. With single-sided PCBs, most

circuits require the ability to join two conductive

tracks using a wire.

• Double-sided PCBs alleviate this problem by

allowing connections through holes from one side of

the PCB to another.

• Multi-layer boards take this further by providing up

to 52 layers with connections between arbitrary

layers. Such a large number of layers clearly

represents a shift towards 3D printedelectronics.

N A N O D I M E N S I O N : P C B V S A M E



37%

13%

2%

12%

15%

5%

16%

World PCB production by type

Single sided

2-6 layers

8-16 layers

18+ layers

Microvia

Substrate

Flex & R-Flex Many PCB designs, particularly analog or high-

frequencydigital circuits, employ a ground

plane. This is a large area of copper foil that

provides a low resistance connection to a

reliable ground voltage and some protection

from EM interference.

Consequently, PCB designs often employ more

than onelayer.

Source: TTMTechnologies

According to TTM Technologies, the most common PCB type is

2-6 layers with 37% share of the total market. Therefore,

multilayer boards will be the largest addressable market for

PCB rapid prototyping technologies such as 3D printed

electronics.

T R A D I T I O N A L P C B s : L AY E R S



Traditional PCBs are a mature technology, and their limitations are well

understood. High-end multilayer PCB manufacture is tricky and expensive, and

prototypes are usually made externally and often off-shore. Traditional PCBs

are both rigid and flat.

This imposes constraints on design that usually result in a traditional PCB being encapsulated in a housing typically made by injection molding thermoplastic

T R A D I T I O N A L P C B s : L AY E R S



Rigid PCBs can be connected together

using flexible interconnects to offer a bit

more design freedom but the physical

limitations are obvious, particularly in the

light of massive emerging markets like

wearable technologies.

The physical strength of fiberglass board makes it possible to use a traditional PCB as a mechanical component in a device as well as an electrical one. This is a crude form of structuralelectronics.

The CrazyFlie quadcopter shown above uses its traditional PCB as a chassis providing all of the power and control electronics as well as electrical and mechanical connections to each of the four motors.

T R A D I T I O N A L P C B s : M E C H A N I C S



Components such as power semiconductors can generate a lot of heat

thatmust be dissipated in order to keep the device running within

temperature tolerances. Temperature is responsible for 55% of all

electronic circuit failures. Specifically, the failure rate of an electronic

device doubles with every 10°C increase in chip junction temperature†.

The ability to transfer and dissipate heat generated at the chip level

directly dictates the system'sreliability.

Heat dissipation is traditionally accomplished by using a thermal

interface material to join the power semiconductor component to a

heat sink, often on the opposite side to the PCB. In some cases, vias

are used to help conduct heat through the PCB.

Fiberglass and epoxy are the standard substrates used in PCBs. These

materials are thermal insulators and, therefore, do not help to conduct

heat away from components. Ceramic fillers such as Beryllium Oxide

(BeO) are used to improve thermal conductivity whilst retaining

electrical insulation but the poor thermal conductivity of most PCBs is

still a significant issue.

Heat management is one area where alternative technologies may

be able to improve upon the traditional PCB.

T R A D I T I O N A L P C B s : H E AT



Strengths Weaknesses

• Established technology: ~$60bn industry.

• Physically strong.

• High electrical conductivity (σ =5.96×107S/m) from

solid copper traces typically 36μm deep facilitates

analog and high-frequency digital circuits.

• Can withstand temperature extremes, humidity,

mechanical shock and vibration, atmospheric

variations, harmful chemicals, and electromagnetic

radiation.

• Ground plates are cheap.

• Multilayer boards are commonplace.

• Either expensive to prototype locally or slow to prototype

remotely (7 to 21 day turnaround from China).

• Cost single unit cost due to minimum batch size:

~$50 for a 6”x5” multilayer board.

• Poor thermal conductivity of the fiberglass or epoxy

substrate creates heat management problems.

• Etching uses hazardous chemicals that are very bad

for the environment to the extent that the world’s

largest PCB manufacturer, China, have outlawed

etching in coastal regions.

Opportunities Threats

• Some potential to include components like

supercapacitors inside the PCB.

• Flexible circuit boards.

• Printed conductive inks and pastes.

• 3D printed electronics.

T R A D I T I O N A L P C B s : S W O T A N A LY S I S


53NASDAQ : NNDM

3D-Pr inted HiPEDs

Nano Dimension® Confidential and Proprietary

NASDAQ: NNDM I www.nano-di.com | © 2020 Nano Dimension. All rights reserved. 54

• LOW PASS FILTER (LPF)• VERTICALLY STACKED INTEGRATED CIRCUITS (ICS)• RF ANTENNAS & AMPLIFIERS UP TO 6GHZ• FUNCTIONAL CAPACITORS BY ADDITIVE MANUFACTURING• IN PCB PLANAR DC-DC UP CONVERTER TRANSFORMER• BUILT IN POWER TRANSFORMERS

Example of HiPEDs :

N A N O D I M E N S I O N : 3 D - P R I N T E D H I P E D S



Stacked ICs

have a higher

circuitry density

than traditional

PCBs by

allowing ICs to

be mounted and

interconnected

on top of each

other.

E X A M P L E O F H i P E D S : V E R T I C A L LY S TA C K E D I N T E G R AT E D C I R C U I T S ( I C S )



Printed LP X-ray of

Printed LP

LPF uses AME

capacitors fabricated

simultaneously inside

the AME board

together with strip

lines.

The AME capacitor

and the strip line can

be placed on any

layer or on different

layers in the AME

board With Commercial Capacitors

AME

-30dB

LPF with AME Capacitors filters the signal at least up to 20GHz. (less than -30db)

LPF with Commercial Capacitors stops filtering at 6GHz

E X A M P L E O F H i P E D S : L O W PA S S F I LT E R ( L P F )



Our capability to print UHF & SHF RF signal transmission line and

antennas. RF antennas & amplifier applications with up to 6GHz

frequency.

NANO DIMENSION CAN DO IT

E X A M P L E O F H i P E D S : R F A N T E N N A S & A M P L I F I E R S U P T O 6 G H Z



• Produced simultaneously during the

additive manufacturing of PCBs

• Reduce the total size of the PCB

• Freeing surface area for mounting other

PCB components

Design Actual

E X A M P L E O F H i P E D S : F U N C T I O N A L C A PA C I T O R S B Y A D D I T I V E M A N U F A C T U R I N G



• The most common DC-DC Up

Converters are units mounted on a PCB

• By producing the device as an

integrated part of the PCB, surface area

usage, assembly time, and other

overhead costs are reduced.

E X A M P L E O F H i P E D S : I N P C B P L A N A R D C - D C U P C O N V E R T E R T R A N S F O R M E R



• Enables the use of an area not common for PCB

components

• Enables the creation of customized small PCBs

that can be inserted into a socket

a) b)Figure 1 X-ray view of a) inserted, and b) side mounted components soldered to vertical contacts manufactured as part of the PCB additive manufacturing technology in the DragonFly LDMTM

E X A M P L E O F H i P E D S : S I D E M O U N T / C O N TA C T A N D I N S E R T E D C O M P O N E N T S



AC-AC Up Converter (x10)

In Board Power DC–DC Up

Voltage ConverterAC-AC

Transformer with ferrite core

E X A M P L E O F H i P E D S : B U I LT I N P O W E R T R A N S F O R M E R S


62NASDAQ : NNDM

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